{"id":910003,"date":"2025-11-13T23:26:06","date_gmt":"2025-11-14T04:26:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction\/"},"modified":"2025-11-13T23:26:06","modified_gmt":"2025-11-14T04:26:06","slug":"peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction\/","title":{"rendered":"Peregrine Energy Solutions Secures Funding to support a $317 Million Battery Energy Storage Project Currently Under Construction"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"legendSpanClass\"><br \/>\n          <span class=\"xn-location\">BOULDER, Colo.<\/span><br \/>\n        <\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Nov. 13, 2025<\/span><\/span> \/PRNewswire\/ &#8212;\u00a0Peregrine Energy Solutions (Peregrine), an integrated multi-technology clean energy platform with a focus on utility-scale battery storage, announced today it has closed a preferred equity commitment with Bildmore Clean Energy for a battery energy storage project that is currently under construction. Concurrently, Peregrine also secured financing from a club of lenders: First Citizens Bank and Societe Generale acted as coordinating lead arrangers, Siemens Financial Services as a joint lead arranger, and <span class=\"xn-location\">East West Bank<\/span> as an additional lender in the facility.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/2196305\/PeregrineEnergySolutions_Logo.html\" target=\"_blank\" rel=\"nofollow\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/2196305\/PeregrineEnergySolutions_Logo.jpg\" title=\"Peregrine Energy Solutions (PRNewsfoto\/AB CarVal)\" alt=\"Peregrine Energy Solutions (PRNewsfoto\/AB CarVal)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Peregrine, founded by <span class=\"xn-person\">Hagen Lee<\/span> in\u00a0April 2022, finalized a <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4558195-1&amp;h=2405548475&amp;u=https%3A%2F%2Fwww.prnewswire.com%2Fnews-releases%2Fperegrine-energy-solutions-and-ab-carval-finalize-700-million-financing-agreement-to-support-a-pipeline-of-renewable-energy-and-storage-projects-301911838.html&amp;a=financing+agreement\" target=\"_blank\" rel=\"nofollow\">financing agreement<\/a> with funds managed by AB CarVal in <span class=\"xn-chron\">August 2023<\/span>. The Company has originated and developed a pipeline of 15 GWh of storage across SPP, MISO, ERCOT, PJM and WECC, of which two battery energy storage projects are currently under construction in <span class=\"xn-location\">Texas<\/span>. Peregrine previously announced multiple rounds of corporate and project financings this year, including:<\/p>\n<ul type=\"disc\">\n<li>\n          <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4558195-1&amp;h=1379100142&amp;u=https%3A%2F%2Fwww.prnewswire.com%2Fnews-releases%2Fperegrine-energy-solutions-announces-the-closing-of-a-53-million-preferred-equity-commitment-with-bildmore-clean-energy-and-115-million-debt-facilities-with-first-citizens-bank-and-nomura-securities-international-inc-302403106.html&amp;a=March+2025\" target=\"_blank\" rel=\"nofollow\"><br \/>\n            <span class=\"xn-chron\">March 2025<\/span><br \/>\n          <\/a>: <span class=\"xn-money\">$53 million<\/span> preferred equity commitment from Bildmore Clean Energy and <span class=\"xn-money\">$115 million<\/span> bridge financing facility from First Citizens Bank and Nomura Securities International, Inc. for a battery energy storage project; and<\/li>\n<li>\n          <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4558195-1&amp;h=4253382574&amp;u=https%3A%2F%2Fwww.prnewswire.com%2Fnews-releases%2Fperegrine-energy-solutions-secures-130-million-in-new-capital-to-advance-us-battery-storage-portfolio-302591499.html&amp;a=October+2025\" target=\"_blank\" rel=\"nofollow\"><br \/>\n            <span class=\"xn-chron\">October 2025<\/span><br \/>\n          <\/a>: <span class=\"xn-money\">$130 million<\/span> in new capital from a consortium of investors, including the Ministry of Environment of <span class=\"xn-location\">South Korea<\/span>, IMM Investment, Woori Private Equity Asset Management and funds managed by AB CarVal.<\/li>\n<\/ul>\n<p>&#8220;We&#8217;re thrilled to announce the closing of our second project financing this year,&#8221; said <span class=\"xn-person\">Reid Strand<\/span>, senior vice president of finance with Peregrine. &#8220;As we continue to accelerate development across our portfolio, we&#8217;re thankful for continued support from leading investors and lenders.&#8221;<\/p>\n<p>\n        <span class=\"xn-person\">David Haug<\/span>, founder and CEO of Bildmore, added: &#8220;Bildmore is once again pleased to partner with the Peregrine team to provide preferred equity and underpin bridge financing on another high quality ERCOT BESS project. We appreciate the creativity and innovation of <span class=\"xn-person\">Hagen Lee&#8217;s<\/span> development and finance teams, and look forward to supporting them whenever we can.&#8221;<\/p>\n<p>&#8220;We are pleased to provide Peregrine with this innovative capital structure to facilitate the continued expansion of battery storage energy capacity,&#8221; said <span class=\"xn-person\">Mike Lorusso<\/span>, managing director and group head for First Citizens Bank&#8217;s Energy Finance Group. &#8220;This represents our second financing with Peregrine and we look forward to continuing to support them as they grow their portfolio.&#8221;<\/p>\n<p>&#8220;This transaction marks an important milestone in Peregrine&#8217;s development and we are happy to be able to lead financings that support their continued growth,&#8221; said <span class=\"xn-person\">Kevin Cartoski<\/span>, a vice president in the Energy+ Group for Societe Generale.<\/p>\n<p>\n        <b>About Peregrine Energy Solutions<br \/><\/b>Peregrine Energy Solutions is an integrated and multi-technology clean energy platform with a focus on utility scale energy storage that was established in 2022 through a partnership between Peregrine Energy Management and a global alternative investment manager with approximately <span class=\"xn-money\">$20 billion<\/span> of assets. Peregrine Energy Solutions is a limited liability company formed in <span class=\"xn-location\">Delaware<\/span> and headquartered in <span class=\"xn-location\">Boulder, Colorado<\/span>. Additional information is available at <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4558195-1&amp;h=3556672953&amp;u=http%3A%2F%2Fwww.peregrineenergysolutions.com%2F&amp;a=www.peregrineenergysolutions.com\" target=\"_blank\" rel=\"nofollow\">www.peregrineenergysolutions.com<\/a>.<\/p>\n<p>\n        <b>About AB CarVal<br \/><\/b>AB CarVal is an established global alternative investment manager and part of AllianceBernstein&#8217;s Private Alternatives business. Since 1987, AB CarVal&#8217;s team has navigated through ever-changing credit market cycles, opportunistically investing <span class=\"xn-money\">$155 billion<\/span> in 5,850 transactions across 82 countries. Today, AB CarVal has approximately <span class=\"xn-money\">$20 billion<\/span> in assets under management* in corporate securities, loan portfolios, structured credit and hard assets. Since 2017, AB CarVal has deployed over <span class=\"xn-money\">$6 billion<\/span> in energy transition investments. For more information, visit <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4558195-1&amp;h=1156653113&amp;u=http%3A%2F%2Fwww.abcarval.com%2F&amp;a=www.abcarval.com\" target=\"_blank\" rel=\"nofollow\">www.abcarval.com<\/a>.<\/p>\n<p>\n        <b>About Bildmore Clean Energy<br \/><\/b>Bildmore provides construction-stage preferred equity commitments primarily to utility-scale battery storage and solar projects. The Bildmore team is backed by EnCap&#8217;s Energy Transition Fund II, a unit of EnCap Investments, which since 1988 has been a leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 25 institutional funds totaling approximately <span class=\"xn-money\">$47 billion<\/span> and currently manages capital on behalf of more than 350 U.S. and international investors. For more information, please visit <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4558195-1&amp;h=364134461&amp;u=http%3A%2F%2Fwww.bildmore.com%2F&amp;a=www.bildmore.com\" target=\"_blank\" rel=\"nofollow\">www.bildmore.com<\/a> and <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4558195-1&amp;h=3607871555&amp;u=http%3A%2F%2Fwww.encapinvestments.com%2F&amp;a=www.encapinvestments.com\" target=\"_blank\" rel=\"nofollow\">www.encapinvestments.com<\/a>.<\/p>\n<p>\n        <b>About First Citizens Bank<br \/><\/b>First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in <span class=\"xn-location\">Raleigh, N.C.<\/span>, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than <span class=\"xn-money\">$200 billion<\/span> in assets and a member of the Fortune 500\u2122. Discover more at <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4558195-1&amp;h=3948373835&amp;u=http%3A%2F%2Fwww.firstcitizens.com%2F&amp;a=www.firstcitizens.com\" target=\"_blank\" rel=\"nofollow\">www.firstcitizens.com<\/a>.<\/p>\n<p>\n        <b>About Societe Generale<br \/><\/b>Societe Generale is a top-tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective &#8211; to deliver sustainable value creation for all our stakeholders.<\/p>\n<p>\n        <b>Legal Advisors<br \/><\/b>McGuireWoods LLP acted as a legal advisor to Peregrine. Kirkland &amp; Ellis LLP acted as a legal advisor to Bildmore. Winston &amp; Strawn LLP acted as a legal advisor to the lenders.<\/p>\n<p>\n        <b>Media contact:<\/b><br \/>\n        <span class=\"xn-person\">Anna Lovely<\/span> (<a href=\"mailto:anna@whitegatecommunications.com\" target=\"_blank\" rel=\"nofollow\">anna@whitegatecommunications.com<\/a>)<\/p>\n<p>*AUM is comprised of fee-earning AUM and fee-eligible AUM. Fee-earning AUM includes those assets currently qualified to generate management fees. Fee-eligible AUM includes capital that is committed to an AB CarVal Fund but is currently uncalled or recallable. The number represented here excludes assets under AB CarVal&#8217;s management that are not generating management fees due to the maturity of the Fund but includes amounts that do not generate management fees solely due to AB CarVal&#8217;s decision not to charge management fees.<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/edge.prnewswire.com\/c\/img\/favicon.png?sn=CG24300&amp;sd=2025-11-13\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction-302615092.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction-302615092.html<\/a><\/p>\n<p>SOURCE  Peregrine Energy Solutions LLC; AB CarVal<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CG24300&amp;Transmission_Id=202511131722PR_NEWS_USPR_____CG24300&amp;DateId=20251113\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire BOULDER, Colo. , Nov. 13, 2025 \/PRNewswire\/ &#8212;\u00a0Peregrine Energy Solutions (Peregrine), an integrated multi-technology clean energy platform with a focus on utility-scale battery storage, announced today it has closed a preferred equity commitment with Bildmore Clean Energy for a battery energy storage project that is currently under construction. Concurrently, Peregrine also secured financing from a club of lenders: First Citizens Bank and Societe Generale acted as coordinating lead arrangers, Siemens Financial Services as a joint lead arranger, and East West Bank as an additional lender in the facility. Peregrine, founded by Hagen Lee in\u00a0April 2022, finalized a financing agreement with funds managed by AB CarVal in August 2023. The Company has originated and developed a pipeline of 15 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Peregrine Energy Solutions Secures Funding to support a $317 Million Battery Energy Storage Project Currently Under Construction&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-910003","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Peregrine Energy Solutions Secures Funding to support a $317 Million Battery Energy Storage Project Currently Under Construction - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Peregrine Energy Solutions Secures Funding to support a $317 Million Battery Energy Storage Project Currently Under Construction - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire BOULDER, Colo. , Nov. 13, 2025 \/PRNewswire\/ &#8212;\u00a0Peregrine Energy Solutions (Peregrine), an integrated multi-technology clean energy platform with a focus on utility-scale battery storage, announced today it has closed a preferred equity commitment with Bildmore Clean Energy for a battery energy storage project that is currently under construction. Concurrently, Peregrine also secured financing from a club of lenders: First Citizens Bank and Societe Generale acted as coordinating lead arrangers, Siemens Financial Services as a joint lead arranger, and East West Bank as an additional lender in the facility. Peregrine, founded by Hagen Lee in\u00a0April 2022, finalized a financing agreement with funds managed by AB CarVal in August 2023. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction\/","og_locale":"en_US","og_type":"article","og_title":"Peregrine Energy Solutions Secures Funding to support a $317 Million Battery Energy Storage Project Currently Under Construction - Market Newsdesk","og_description":"PR Newswire BOULDER, Colo. , Nov. 13, 2025 \/PRNewswire\/ &#8212;\u00a0Peregrine Energy Solutions (Peregrine), an integrated multi-technology clean energy platform with a focus on utility-scale battery storage, announced today it has closed a preferred equity commitment with Bildmore Clean Energy for a battery energy storage project that is currently under construction. Concurrently, Peregrine also secured financing from a club of lenders: First Citizens Bank and Societe Generale acted as coordinating lead arrangers, Siemens Financial Services as a joint lead arranger, and East West Bank as an additional lender in the facility. Peregrine, founded by Hagen Lee in\u00a0April 2022, finalized a financing agreement with funds managed by AB CarVal in August 2023. The Company has originated and developed a pipeline of 15 &hellip; Continue reading \"Peregrine Energy Solutions Secures Funding to support a $317 Million Battery Energy Storage Project Currently Under Construction\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction\/","og_site_name":"Market Newsdesk","article_published_time":"2025-11-14T04:26:06+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/2196305\/PeregrineEnergySolutions_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Peregrine Energy Solutions Secures Funding to support a $317 Million Battery Energy Storage Project Currently Under Construction","datePublished":"2025-11-14T04:26:06+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction\/"},"wordCount":1006,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/2196305\/PeregrineEnergySolutions_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction\/","name":"Peregrine Energy Solutions Secures Funding to support a $317 Million Battery Energy Storage Project Currently Under Construction - 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